This chemical is widely used as a chiral ligand in asymmetric synthesis, particularly in catalytic reactions where enantioselectivity is crucial. It plays a significant role in the production of pharmaceuticals, enabling the synthesis of chiral compounds with high optical purity. Additionally, it is employed in the development of advanced materials, such as liquid crystals, due to its rigid and stereospecific structure. Its ability to form stable complexes with transition metals also makes it valuable in organometallic chemistry for creating efficient catalysts.